Hello, and welcome to another post in our Metaverse series! Today, we’ll be talking about how people will use NFTs in the Metaverse. Until now, the buzz you’ve been hearing surrounding NFTs is all about art, but they’re so much more than that. Grab an ice-cold water, and perhaps something to snack on as you read, and let’s get going!
If you’re not a subscriber to the Morning Brew, you should be, and you should’ve watched the recorded conversation between Chris Kuiper, director of research at Fidelity Digital Assets, and Alex Lieberman, cofounder of the Brew, where they discuss crypto, the future of $$, and the Metaverse, while sitting in the Metaverse. You can check it out here:
Also, if you didn’t read our last Metaverse blog post, there’s a link in there to a video of Mark Zuckerberg talking about what parts of the Metaverse already exist and where we’re headed for the future. See that one here:
Yes, it’s rough, but it’s out there and available for use already. If you’re a creator, you need to understand the Metaverse and be prepared to move your assets and skills to that digital realm. That’s where the money will be.
Anyway, let’s get back on topic and start the discussion on NFTs in the Metaverse.
An NFT is an asset that you purchase, either with real money or cryptocurrency, that exists on the blockchain and is accessible from any device with a connection to the internet. NFTs can be anything from art, to wearables, to passes for events that happen online, and sooooooooooooo much more.
By owning these NFTs, you can utilize them in the Metaverse when no one else can. Avatars are a hot-ticket item right now because places like Twitter and LinkedIn are allowing those digital portraits (or artworks) to be used as profile photos.
In the Metaverse, your NFTs are your life. Your home space in the Metaverse will be a place you purchased that’s stored on the blockchain and can be used by you, and only you (unless you invite others in), any time you’re in the Metaverse. Art in that home space will be NFTs. Décor will be NFTs. Even the flooring will be an NFT.
You can buy, sell, or trade any digital good you can find, and some of those things might come along with the real-world item, but some of them may not. Here are a few kinds of NFTs that exist now and how they’re used:
- ART – This one you know unless you’ve been living under a rock for the past five years or so. Art is anything you want it to be, and it’s a hot-ticket commodity in the virtual world because people can now display those artworks on certain TVs and digital frames in their homes. In the Metaverse, there will likely be museums where visitors can view the digital assets that will be on loan from other people. Again, art can exist on the blockchain and in the real world, and exclusive ones will be more expensive.
- WEARABLES – Pretty self explanatory, but these are the things worn by your avatar. In that video on the Zuck above, he’s wearing some pretty cool clothes that are on the blockchain. There are mass-produced wearables, and there are exclusive ones. As you’ve probably guessed, the former are cheaper, and you might run into that girl from high school that always wore the same dress as you, still plaguing you with her wearable NFT. Sheesh.
- LAND – This is another one that’s easy to understand. You own a dedicated spot. We’re not deep diving into this topic today, because we’ll be doing a whole post on realestate in the Metaverse soon, so just know for now that it’s like buying an acre of property in the real world, and the places projected to be popular with players are selling surrounding land fast.
- INCLUSION – You might get a bit confused when we use that particular word, but all it really means is membership or accessibility. Concert tickets, tokens denoting membership of VIP clubs, and identification of your preferred circle of people are all part of the inclusion purchase. People who own the clubs might sell you an NFT coin that opens the door when you visit.
- MUSIC – If you want to have a party in the Metaverse and invite all your peeps, you probably want to own a number of NFT songs, or your guests will end up shaking their tailfeathers to a single track all night long. Now, this does not mean you’ll own the copyright, but you’ll own the right to listen to, or play, the song as long as you can access your blockchain NFTs from wherever you are. If you follow the news at all, you’ll know Snoop Dogg just purchased Death Row Records, and his number one priority over the next few years is to bring more of the music produced by the label to the blockchain.
As you can see, there are limitless ways your NFTs will be able to be used in the Metaverse, and the term NFT will become as common as the word internet before you know it. If you’re super interested in the Metaverse and want to take a peek, check out the Sandbox here: What you see will rock your world and help you understand what it is we’ve been talking about in our Metaverse blog posts.
Speaking of, be sure to check out all our Metaverse posts on our website here:
Thanks for reading what we’re writing, and we’ll see you next time.